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is chief investment officer at eaton vance management. he joins us from that firm in boston. duncan, i take it you're a pessimist in regards to avoiding the fisca cliff that we're going to go over? c not really a pessimist. i think the fiscal cliff is going to be more of a fiscal slope, but there will be a tax element to it. i think because we're starting at such a low level of tax rates, we're very likely to have higher ta s either immediately with the expiration of the payroll tax and potentially on capital gains and dividends in 2013 and beyond. >> tom: how should invests approach that, invest on what tax rates may be next year? >> not really. but there a t great costs to be avoided by lessening the tax drag on your investment. positioning your portfolio and making sure you're in sthookso can outperform in a rising interest rate environment-- which is another thing we're worried about-- longer term makes a some sense. >> tom: so rising interest rate environment, possibly higher inflation, higher taxes. not exactly the most shiny of forecasts for investors. >> well, there if something you
e know does philadelphia, does boston, does new york have to use a changed municipal math to run its daily affairs because of threats of these kinds of things? joe kromm? >> well, i think as governor cuomo said, it'sro a new normal but we have old infrastructure. i think if f you listen to client scientists -- if we had listened to climate sientists who worned, no could flood like this, that storm surges were going to increase as the sea levels rose because of gobel warming and because of more intense storms we might have prevented it. now i think we need to listen to climate scientists who are warning that sea levels could rise, two feet-- as you heard-- by the middle of the century but three, four, five and six feet by the end of the century. so our choices are twofold. we should reduce greenhouse gas emissions so we're on the low end of future warming estimates and secondly we've got to start preparing for the storms that we are stuck with, like hurricane sandy. >> suarez: he used the word "prudence." what is prudent at this point? >> that's the question. i agree we have a lot of
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